Weekly mortgage rate update

If you have been following along each week, you know that mortgage rates spent late July and early August climbing, then posted two consecutive weeks of declines. This week, they did something quieter but just as welcome: they held steady. The latest Freddie Mac Primary Mortgage Market Survey® (PMMS), released Thursday, August 27, showed the 30-year fixed at 6.66% and the 15-year fixed at 5.98%: a pause, not a jump. Here is the data and what it means if you are buying, selling, or refinancing in the Tri-Cities.

This week’s rates

Data sourced from the most recent Freddie Mac PMMS release, for the week ending August 27, 2026 (the latest available as of this update):

Source: Freddie Mac Primary Mortgage Market Survey®, week ending August 27, 2026. Rates assume a credit score of 740, 20% down payment, and 0.7 discount points. Actual rates vary by borrower profile. Note: Freddie Mac discontinued reporting the 5/1 hybrid ARM rate in late 2022 as part of a survey modernization.

What happened this week

Freddie Mac titled this release “Mortgage Rates Hold Steady,” and that is exactly what they did. The 30-year fixed ticked up one basis point to 6.66%, while the 15-year fixed moved up three basis points to 5.98%. After the two-week pullback we celebrated last update, this is essentially a flat week. Rates held their ground rather than resuming the climb of July and early August.

Chief Economist Sam Khater summed it up in notably optimistic terms for the broader market: “Mortgage rates changed little this week averaging 6.66%. The economy remains resilient, demonstrated by steady consumer spending and rising household incomes. More homes coming on the market and slower price growth in many areas are giving buyers better options.” That last line is worth sitting with. After years of scarce inventory and fast-rising prices, the market is finally swinging in a direction that favors buyers in a genuine, practical way.

Compared to a year ago, today’s 30-year rate of 6.66% is ten basis points higher than the 6.56% of August 2025. The gap remains narrow, and the momentum behind it has clearly slowed compared to the sharp run-up we tracked through July. For now, the story is stabilization.

What does 6.66% actually mean for your payment?

Let me put real numbers to this. If you are purchasing a $400,000 home in the Tri-Cities with 20% down ($80,000), your loan amount would be $320,000. Here is what that looks like at today’s rates:

Compared to last week, the change is negligible, roughly $3 per month on that $320,000 loan, a rounding error in the grand scheme. Compared to the recent peak of 6.69% in early August, today’s 6.66% saves about $20 per month. The bigger number to carry with you: after three weeks, the 30-year fixed has effectively settled in the mid-6% range after a volatile stretch this summer. That is the range to plan around.

The 15-year fixed at 5.98% costs more each month (about $640 more than the 30-year) but saves roughly $255,000 in total interest over the life of the loan. For buyers with room in their monthly budget, it remains one of the most powerful wealth-building tools available in today’s market.

The outlook from Fannie Mae

Fannie Mae’s Economic and Strategic Research (ESR) Group published its August 2026 Economic and Housing Outlook in mid-August, and the update sharply raised the rate forecast compared to July. Persisting inflation risks, tied to global supply chain disruptions and geopolitical tensions, led Fannie Mae to expect the 30-year fixed mortgage rate to average roughly 6.8% in Q4 2026, holding near that elevated level through the first half of 2027 before easing.

That is a meaningful departure from the July outlook, which had called for rates to ease into the 6.3% to 6.4% range. The revision reflects a cautious reassessment of the economic landscape. The encouraging nuance for buyers: today’s actual rate of 6.66% is slightly below Fannie Mae’s near-term forecast, and the PMMS commentary around steadier inventory and slower price growth is more upbeat than the forecast’s headline would suggest.

Fannie Mae continues to flag the “lock-in effect”: homeowners with sub-4% pandemic-era mortgages who are reluctant to sell, a key headwind. In the Tri-Cities, steady in-migration from higher-cost West Coast markets keeps meeting constrained supply, which supports home values even as rates stay elevated.

What this means for Tri-Cities buyers

A flat week after two weeks of declines is quietly good news. Rates did not keep falling, but they also did not resume climbing. And Freddie Mac’s emphasis on more inventory and slower price growth is a genuinely encouraging signal for buyers who have been priced out of the fast-moving market of the last few years.

Here is what I want you to hear if the last few weeks have felt like a rollercoaster: the market has stabilized. Rates have settled in the mid-6% range, and for the first time in a long while, buyers are getting more options at the same time. In the Tri-Cities, a $400,000 home in Kennewick, Richland, Pasco, or West Richland still delivers outstanding value. At 6.66%, your monthly payment on a 30-year fixed is roughly $2,057 before taxes and insurance: a payment that builds equity month after month in one of the most resilient and affordable housing markets in Washington.

If you have been waiting for the perfect dip, the honest truth is this: the best time to buy has never been about timing the rate bottom. It is about being ready, finding the right home, and building equity over time. With rates stable, inventory improving, price growth cooling, and the potential for easing on the horizon, this is a workable and increasingly attractive window to act.

What this means for sellers

Steady rates are welcome news for sellers too. Buyers can run the numbers with confidence rather than guessing where rates will be next month, which supports serious, well-qualified offers. At the same time, the slower price growth Freddie Mac highlighted means pricing and presentation matter more than ever. A well-priced, well-presented home is what wins in a market with growing options.

The Tri-Cities continues to draw relocating families from Seattle, Portland, and California seeking more space and better value. Demand remains consistent, and homes positioned strategically are still drawing strong interest. This is an excellent moment to talk through what your home is worth in today’s market: the data may surprise you in a good way.

The bottom line

Mortgage rates held steady this week. The 30-year fixed sits at 6.66% (up one basis point) and the 15-year fixed at 5.98% (up three basis points), after two weeks of declines left them stabilizing in the mid-6% range. Freddie Mac’s Chief Economist summed it up well: “More homes coming on the market and slower price growth in many areas are giving buyers better options.” Fannie Mae’s latest forecast expects rates to hold near 6.8% into early 2027, but today’s actual rate is already a touch below that projection.

After a volatile summer, the word of the week is steady. Rates have found their footing, inventory is improving, and buyers have more choices than they have had in years. Homeownership is about building a future for your family, not timing a market bottom. If you are ready to buy, sell, or simply explore your options, I would love to sit down with you and map out what is possible at these rates, in this market, for your specific situation.

Sources: Freddie Mac Primary Mortgage Market Survey®, week ending August 27, 2026 (“Mortgage Rates Hold Steady”). Sam Khater, Freddie Mac Chief Economist, August 27, 2026. Fannie Mae Economic and Strategic Research Group, August 2026 Economic and Housing Outlook. Monthly payment estimates calculated with standard amortization formulas, and actual payments vary by loan terms, credit score, taxes, insurance, and other factors. This is not financial advice. Consult a licensed lender for personalized rate quotes.